Burgundy reports 10.64M HLMN shares; Bank of Montreal aggregation (HLMN)

Rhea-AI Filing Summary

Hillman Solutions Corp. ownership update. Burgundy Asset Management Ltd. reports beneficial ownership of 10,643,254 common shares, equal to 5.3947% of the class as of 12/31/2025. The filer reports sole voting power for 7,708,678 shares and sole dispositive power for 10,643,254 shares.

The filing notes that as of 11/01/2025, Burgundy became a wholly owned subsidiary of Bank of Montreal, and that beneficial ownership is aggregated in Bank of Montreal's filing.

Insights

Institutional Ownership Analyst

Large passive stake reported and aggregation noted with parent bank.

Burgundy Asset Management Ltd. reports beneficial ownership of 10,643,254 shares, or 5.3947%, as of 12/31/2025. The filing shows sole voting power over 7,708,678 shares and sole dispositive power over 10,643,254 shares.

Ownership aggregation with Bank of Montreal effective 11/01/2025 means subsequent disclosures will likely appear under the parent entity. Future filings from the parent should be reviewed for any changes in stake or voting intent.

Corporate Governance Specialist

Reporting clarifies control and ownership thresholds relevant to governance.

The Schedule 13G/A identifies sole voting and dispositive powers and shows the position crosses the 5% reporting threshold at 5.3947% as of 12/31/2025. That threshold triggers public disclosure obligations under beneficial ownership rules.

The note that Burgundy is now a wholly owned subsidiary of Bank of Montreal (effective 11/01/2025) indicates the practical reporting locus has shifted to the parent; governance questions should be directed to the aggregated filer.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 02/27/2026 - 08:44 PM Learn about SEC filing dates

FAQ

What stake does Burgundy Asset Management report in HLMN?

Burgundy Asset Management reports beneficial ownership of 10,643,254 Hillman Solutions common shares, representing 5.3947% of the class as of 12/31/2025. The filer reports sole dispositive power over these shares.

Does Burgundy have voting control over Hillman shares?

Yes. The filing shows Burgundy has sole voting power for 7,708,678 shares and shared voting power of 0, as reported for the position tied to 12/31/2025.

Has ownership reporting for Burgundy changed due to corporate events?

Yes. The filing states Burgundy became a wholly owned subsidiary of Bank of Montreal on 11/01/2025, and beneficial ownership is aggregated in Bank of Montreal's filing thereafter.

Will future disclosures be filed under Burgundy or Bank of Montreal for HLMN?

Per the comment, beneficial ownership is aggregated in Bank of Montreal's filing following the 11/01/2025 acquisition of Burgundy, so subsequent disclosures are expected under the parent entity's filings.

What filing documents this ownership position?

The position is disclosed in a Schedule 13G/A for Hillman Solutions Corp., signed by Karen Mintz on 02/11/2026, reporting ownership figures tied to 12/31/2025.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Hillman Solutions Corp.

(Name of Issuer)

Common

(Title of Class of Securities)

431636109

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 431636109

1

Names of Reporting Persons

Burgundy Asset Management Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 7,708,678.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 10,643,254.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

10,643,254.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.39 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Hillman Solutions Corp.
(b)	Address of issuer's principal executive offices: 1280 Kemper Meadow Dr, Cincinnati, Ohio, 45240
Item 2.
(a)	Name of person filing: Burgundy Asset Management Ltd.
(b)	Address or principal business office or, if none, residence: 181 Bay Street, Suite 4510, Toronto, Ontario, M5J 2T3
(c)	Citizenship: Canada
(d)	Title of class of securities: Common
(e)	CUSIP No.: 431636109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 10,643,254
(b)	Percent of class: 5.3947%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 7,708,678
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 10,643,254
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Burgundy Asset Management Ltd.

Signature:	/s/ Karen Mintz
Name/Title:	Karen Mintz, VP, CCO & Associate General Counsel
Date:	02/11/2026

Comments accompanying signature: As of November 1, 2025, Burgundy Asset Management Ltd. became a wholly owned subsidiary of Bank of Montreal. Beneficial ownership of the securities reported herein is now aggregated in Bank of Montreal's Schedule 13G filing